Sentry new payment method, they want your bank sign in information

@johnb974 You do realize all banks and financial institutions use IAV and/or microdeposits to verify accounts if you transfer money from one bank to another. When you add an external bank account for transfers, your bank will prompt you to either do IAV and have you login with your other bank's login for instantaneous verification or microdeposits for paranoid people like you.

As for your quote "NEVER give anyone your bank log on information. I don't care how secure they say it is. It can always be hacked or stolen." -- True. However, you could never give your login info to anyone and a hacker could still potentially hack a bank and steal your login. Has happened before. Any website can be hacked and your information can be stolen without you sharing any login info.

Edited 1 time(s). Last edit at 02/01/2019 08:04AM by azncollege.

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Anyone received the payment from Sentry for December shops? I see a pending transaction in the new platform, but no money has been deposited yet
Hello,
Please email our help desk if you have payment questions and we would be more than happy to assist.
Help@sentrymarketing.com If you want to email me I can assist as well. smunro@sentrymarketing.com
Payments are going out so please submit a ticket if you have any issues.
Thanks so much,
Susan
@boridi wrote:

Anyone received the payment from Sentry for December shops? I see a pending transaction in the new platform, but no money has been deposited yet

Susan
Sentry Marketing Group
I know the fine print with my bank is I am not allowed to give out my login information. If I do and there is any kind of theft from my bank account they will not cover it because I gave out my login information. It’s a no brainer really.
Instant Account Verification (IAV) does not mean you are giving away your login information. IAV is done in coordination with financial institutions. Does anyone think that a bank would allow IAV of their accounts if the process did not meet the bank's security requirements? Of course not.

I understand we live in a time when "fake news" is shouted by daily people who find certain fact inconvenient, however, facts are facts and misinformation is misinformation. IAV is a safe and secure way of verifying a bank account. There is an alternate method of verification available for those who don't bank online or don't care for IAV.

@Jacqui wrote:

I know the fine print with my bank is I am not allowed to give out my login information. If I do and there is any kind of theft from my bank account they will not cover it because I gave out my login information. It’s a no brainer really.
@Sentry Marketing wrote:

Instant Account Verification (IAV) does not mean you are giving away your login information. IAV is done in coordination with financial institutions. Does anyone think that a bank would allow IAV of their accounts if the process did not meet the bank's security requirements? Of course not.

I understand we live in a time when "fake news" is shouted by daily people who find certain fact inconvenient, however, facts are facts and misinformation is misinformation. IAV is a safe and secure way of verifying a bank account. There is an alternate method of verification available for those who don't bank online or don't care for IAV.

@Jacqui wrote:

I know the fine print with my bank is I am not allowed to give out my login information. If I do and there is any kind of theft from my bank account they will not cover it because I gave out my login information. It’s a no brainer really.

Wasting your time my dear. You can't help everyone. Not everyone gets it.
I'm sure the banks love the system. It means they are no longer responsible for any funds taken from your account. Never give anyone your log on information.
@johnb974 wrote:

I'm sure the banks love the system. It means they are no longer responsible for any funds taken from your account. Never give anyone your log on information.
Are you somehow specifically qualified to give financial advice?
Sure sounds fishy. I would not give my Sign In password to anyone, much less an MSC

@johnb974 wrote:

I just noticed Sentry's new payment method. They want your bank sign in information, you're bank sign in name and password. No way am I giving anyone that information. I have never seen another site ask for this information. Other MSC have asked for bank account number and routing number, but never your bank log in information.
@johnb974 What is the FACTUAL basis for this claim? Please, cite your source of information.

You are entitled to your own opinions, but the misinformation you've spread in this thread is not helpful. IAV is used by literally thousands of applications every day, including PayPal. Not to mention that our payment app includes an alternate form of bank account verification.

At this point, all you are doing is stirring the pot and causing confusion.

@johnb974 wrote:

I'm sure the banks love the system. It means they are no longer responsible for any funds taken from your account. Never give anyone your log on information.
Jamie Dimon, CEO of JP Morgan Chase, trusts Plaid enough to partner with it. Plaid is valued at $2.65B. Plaid also has the backing of Citi, Google, American Express and Goldman Sachs.

I am not a banker. I am not a computer expert - much less a financial security expert. However, I will trust all of the above mentioned entities' trust of Plaid over any doubters on this forum.

Hard work builds character and homework is good for your soul.
Anyone that takes advice on this touchy matter deserves to be in trouble....I don't work for Sentry because of the banking problems with Dwolla and such. Paypal is the only acceptable money holder for me and direct deposit works with a check coming in third.

Don't cry because it happened, smile because it's over....
If someone were to steal information or commit a malicious act while using your account, you could be held responsible.
Even after you proved your innocence, you could still be held liable for giving out the information.
@Irene_L.A.

You wrote that direct deposit is an acceptable form of payment but you don't work for Sentry because of "banking problems with Dwolla and such". What banking problems are you referring to?

For the companies that pay you via direct deposit, how familiar are you with the security measures they have in place to protect your banking data? Is your account information data encrypted or is it stored in a spreadsheet on someone's computer? Is your payment information being emailed from one party to another?

How familiar are you with the underlying software these companies use to process their direct deposit payments? Is your data tokenized to prevent unauthorized access and exposure?

Are you aware that PayPal uses Instant Account Verification (IAV) to link a user's bank account to their PayPal profile?

Several months ago, a company withdrew money from shopper's accounts instead of depositing it. There wasn't nearly the level of consternation over that incident as there has been in this 5 page, 134 post thread. We gave great consideration to the security of our user's information when creating SePA and the criticism of IAV and the app is without merit.

I respect your opinion and your decision not to shop for Sentry. That being said, opinions are not facts and claiming something does not make it so.



@Irene_L.A. wrote:

Anyone that takes advice on this touchy matter deserves to be in trouble....I don't work for Sentry because of the banking problems with Dwolla and such. Paypal is the only acceptable money holder for me and direct deposit works with a check coming in third.


Edited 1 time(s). Last edit at 02/13/2019 06:53PM by Sentry Marketing.
@MFJohnston wrote:

Jamie Dimon, CEO of JP Morgan Chase, trusts Plaid enough to partner with it. Plaid is valued at $2.65B. Plaid also has the backing of Citi, Google, American Express and Goldman Sachs.

I am not a banker. I am not a computer expert - much less a financial security expert. However, I will trust all of the above mentioned entities' trust of Plaid over any doubters on this forum.

Enough of this factual information! I prefer speculation from people with less than $100 in their bank accounts (not talking about you Irene).

I just used IAV the other day to open an online savings account for a shop. Easy peasy.
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